The Jamaican financial system saw growth in loans and advances for 2023.
The Bank of Jamaica, in its annual report, says minus provisions for loan losses, loans and advances grew by 11.3 per cent or J$141.3 billion.
That represents a slowdown, when compared to the expansion of $13.1 per cent or $145.1 billion for 2022.
The central bank says the 2023 growth was also below pre-pandemic rates for the sector.
All customer groups displayed a slowdown in growth for all major loan categories.
In 2023, personal loans increased by 11.7 per cent or $76.6 billion.
The BOJ says this section was reflective of the reduced demand for mortgages, as real estate lending for 2023 grew by 12.9 per cent or $38.4 billion.
In 2022, mortgages increased by 17.6 per cent, or $44.5 billion.
Corporate loans grew by $51.5 billion, relative to growth of 47.4 billion in 2022.
Additionally, loans to overseas residents expanded by 4.7 per cent, slower than the 9.9 per cent or $11 billion recorded for 2022.
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